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OnCard International Ltd Announces Acquisition Of Enjoy Shanghai And Change Of Financial Year End

Thursday, 20 Dec 2012 12:34am EST 

OnCard International Ltd (OnCard) announced that on December 14, 2012, the Company entered into an asset purchase agreement to acquire all the assets of Enjoy Shanghai including intellectual property, domain names and contracts with members and merchants with completion scheduled by December 31, 2012. Enjoy Shanghai’s flagship product is its VIP member programme offering discounted Restaurant Dining, Health & Beauty, Nightlife and Shopping within Shanghai. Its revenue streams come from personal memberships, bulk deal memberships with corporates, merchant memberships and specifically tailored programmes. Enjoy Shanghai assets acquired include components that will complement OnCard’s E-commerce platforms. The purchase is not financially material in nature to the Group. Meanwhile, OnCard also advised that it will be changing its financial year end from June 30 to December 31 effective from July 1, 2012. The purpose of the change of financial year end is to synchronise OnCard’s financial year end with that of its China based subsidiaries and investments. 

Company Quote

22 Oct 2014